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US-based steel manufacturer Worthington Steel, Inc. has announced the successful completion of its voluntary public tender offer for Klöckner & Co SE, a German steel distributor and metal processor. HCT450X+ZM HDG, Following the satisfaction of all closing conditions, Worthington Steel has acquired approximately 62% of Klöckner’s outstanding shares, thereby securing a controlling interest and establishing a strategic partnership between the two companies.
According to Worthington Steel, the transaction is expected to broaden its product portfolio, diversify its presence in end-user markets, and expand its geographic reach. HCT450X+ZM HDG, Klöckner operates one of the largest steel distribution and metal processing networks in Europe and North America, providing Worthington Steel with an extensive customer base and an established service center infrastructure.
Following the completion of the acquisition, Worthington Steel announced plans to launch a public delisting tender offer for all remaining shares of Klöckner it does not yet own. HCT450X+ZM HDG, The company intends to acquire the outstanding shares for a cash price of €11.00 per share; delisting Klöckner from the public stock exchange will reduce the administrative, compliance, and regulatory obligations associated with maintaining a listed status, while providing greater flexibility to pursue long-term strategic goals.
